The discovery of over one billion barrels and disposals worth €2.6 billion. The results achieved by Eni in 2016.
Our commitment to energy transition and combatting climate change.
Letter to shareholders
|Net sales from operations||(€ million)||98,218||72,286||55,762|
|Operating profit (loss)||8,965||(3, 076)||2,157|
|Adjusted operating profit (loss)(b)||11,223||4,486||2,315|
|Adjusted net profit (loss) (a)(b)||3,723||803||(34 0)|
|Net profit (loss) (a)||1,720||7,9 5 2 )||1,0 51)|
|Net profit (loss) - discontinued operations (a)||(417)||826)||(413)|
|Group net profit (loss) (a) - (continuing + discontinued operations)||1,303||(8,778)||(1,464)|
|Comprehensive income (a)||6,817||(3,416)||819|
|Net cash flow from operating activities (b)||13,544||12,155||7,673|
|of which: exploration||1,030||566||417|
|of which: development of hydrocarbon reserves||9,021||9,341||7,770|
|Dividends to Eni's shareholders pertaining to the year (c)||4,037||2,880||2,881|
|Cash dividends to Eni’s shareholders||4,006||3,457||2,881|
|Total assets at year end||150,366||139,001||124,545|
|Shareholders' equity including non-controlling interests at year end||65,6 41||57,409||53,086|
|Net borrowings at year end||13,685||16,871||14,776|
|Net capital employed at year end||79,326||74,280||67,862|
|of which: Exploration & Production||51,061||53,968||57,910|
|of which: Gas & Power||9,031||5,803||4,100|
|of which: Refining & Marketing and Chemicals||9,711||6,986||6,981|
|Share price at year end||(€)||14.5||13.8||15.5|
|Weighted average number of shares outstanding||(million)||3,610.4||3,601.1||3,601.1|
|Market capitalization (d)||(€ billion)||52||50||56|
(*) Pertaining to continuing operations. Following the divestment of Saipem in January 2016, the results of the segment have been classified as discontinued operations based on the
guidelines of IFRS 5. The comparative reporting periods have been restated consistently.
(**) Effective January 1, 2016, management modified on voluntary basis the criterion to recognize exploration expenses adopting the accounting of the successful-effort-method (SEM).
Accordingly, the comparative amounts disclosed for the FY 2016 have been restated. The retrospective application of the SEM has required adjustment of the opening balance of the
retained earnings and other comparative amounts as of January 1, 2014. Specifically, the opening balance of the carrying amount of property, plant and equipment was increased by
€3,524 million, intangible assets by €860 million and the retained earnings by €3,001 million. Other adjustments related to deferred tax liabilities and other minor line items. Concerning
the FY 2015, the adoption of SEM determined a reduction of operating profit of €815 million. More information is disclosed in the notes of the consolidated financial statement of the 2016
Annual Report on Form 20-F.
(a) Attributable to Eni’s shareholders.
(b) Non-GAAP measures. Results of comparative periods are calculated on a standalone basis, i.e. by excluding the results of Saipem earned from both third parties and the Group’s
continuing operations, therefore determining its deconsolidation.
(c) The amount of dividends for the year 2016 is based on the Board’s proposal.
(d) Number of outstanding shares by reference price at year end.
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